Where i could get a secure loan?

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mistyblue
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Joined: Tue Jun 06, 2017 5:34 pm
by mistyblue » Tue Jun 06, 2017 5:50 pm
Hi I have an Iva and have just started dealing with my equity clause.

I have a letter from my IP and states that I have over £7000 in equity - but if I can get a secured loan or a remortgage then I only Have to Pay around £900 in to my IVA - if I can't get a loan then I have to pay for a further 12 months and at the moment my payments £450 per month (quite a difference) - any ideas where i could get a secure loan - my mortgage lenders can not help.
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Foggy
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by Foggy » Tue Jun 06, 2017 6:05 pm
Shaun Vickery or Ryan Radford may be able to assist. Their details can be found under the "Quick Links" tab above (top left) and then "The Team" on the drop down.

However, the £900 mentioned by your IP sounds suspect. They would normally be looking at you releasing in the order of £6000 on those figures.
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Lisa Thomas
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by Lisa Thomas » Wed Jun 07, 2017 9:09 am
You need over £5,000 for the 'standard' equity clause to kick in.

I would start by arranging for your own valuation to see if the IP's valuation can be challenged.

If you can show your interest is less than £5k then the extension/secured loan/remortgage clause etc will not apply and your IVA can finish...
Last edited by Lisa Thomas on Wed Jun 07, 2017 9:41 am, edited 1 time in total.
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Ryan
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by Ryan » Wed Jun 07, 2017 9:39 am
If you were to contact ourselves we would be happy to look at your situation.


Regards
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Shaun Vickery
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by Shaun Vickery » Wed Jun 07, 2017 1:35 pm
Hi Mistyblue and welcome to the forum. I'm not quite clear what the £900 relates to. Can you clarify?
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Michael Peoples
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by Michael Peoples » Thu Jun 08, 2017 12:11 pm
I do think you should contact Shaun Vickery as his company has been operating in this market for many years and have a wealth of experience. It sounds like a secured loan may be a decent option.
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